“An investment in knowledge pays the best interest.” – Benjamin Franklin

A Scholar

Benjamin Franklin, 1706 – 1790

Benjamin Franklin, a ‘polymath‘ and one of the Founding Fathers of the United States, made significant contributions in various fields.

Here are some highlights of his life and achievements

Inventor and Scientist

Franklin is renowned for his experiments with electricity. His famous kite experiment demonstrated the connection between lightning and electricity.

He invented practical devices such as the lightning rod, bifocals, and the Franklin stove.

Statesman and Diplomat

Franklin played a crucial role in drafting the United States Constitution and the Declaration of Independence.

He served as the United States Ambassador to France during the American Revolutionary War, securing French support for the American cause.

Writer and Publisher

Franklin was a prolific writer and publisher. His “Poor Richard’s Almanack” contained witty proverbs and practical advice.

He founded the first public lending library in America and established the University of Pennsylvania.

Philanthropist and Civic Leader

Franklin was deeply committed to civic causes. He helped establish fire departments, hospitals, and educational institutions.

His philanthropic efforts extended to the creation of the Philadelphia Contributionship, one of the earliest insurance companies.

Legacy:

Benjamin Franklin’s legacy endures through his contributions to science, literature, and the foundation of the United States.

His wit, and wisdom continue to inspire generations.

What is a polymath?

polymath is an individual whose knowledge spans over a substantial number of subjects. They are known to draw on complex bodies of knowledge to solve specific problems. The term comes from the Greek word ‘polymathēs,’ which means ‘having learned much.’

Polymaths excel in various fields, including science, technology, engineering, mathematics, and the arts. They embody the idea that humans are limitless in their capacity for development and should embrace all knowledge to develop their abilities fully.

Thank you Wikipedia.

Note: image is of a fictitious scholar and not of Benjamin Franklin

U.S. national debt is piling up

U.S. debt pile

The U.S. national debt has been growing more quickly in recent months, increasing about $1 trillion nearly every 100 days.

U.S. debt permanently crossed over $34 trillion on 4th January 2024 according to data from the U.S. Department of the Treasury.

It reached $33 trillion on 15th September 2023, and $32 trillion on 15th June 2023. Before that, the $1 trillion move higher from $31 trillion took about eight months.

The U.S. national debt is the total amount of money that the federal government owes to its creditors. That can include, individuals, other countries and corporation. It is composed of two main components: federal debt held by the public and federal governmental debt.

The national debt has grown over time due to various factors, such as recessions, defense spending, and tax cuts. The debt-to-GDP ratio gives insight into whether the US has the ability to cover all of its debt. It also shows how it affects economic growth. 

U.S. national debt pile is growing

U.S. Debt
U.S. national debt is piling up

The national debt increased by 13.3% under President Biden. Up from $27.77 trillion as of 1st March 2020 to $31.46 trillion as of 1st March 2023. The debt also grew by $1.5 trillion, or 5.6%, between the end of 2020 and the end of 2021.

The gross domestic product (GDP) measures the annual economic output of the entire country. The national debt exceeds this amount, which is very high.

As of the end of February 2024, the U.S. debt is almost $34.4 billion. This is the money that the federal government has to borrow to pay for its operating expenses.

The World Bank found that if the debt-to-GDP ratio exceeded 77% for an extended period, it slowed economic growth.

U.S. national debt